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Taxes
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On a national basis, the amount of state and local taxes ranked in the bottom thirty nationally. State taxes collected per $1,000 of personal income ranked well below the national average, 45th out of 50 states. Locally the tax bite is considerably higher with Colorado ranking seventh nationwide in the amount of taxes collected per $1,000 of personal income. When the state and local tax bite is combined, Colorado ranks 22nd in the nation.
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Residential Property Taxes
Based on 1992 value assessed at 15% improved residential. The total average mill levy in 1990 was approximately 70 mills for El Paso County, City of Colorado Springs, school and bond redemption, and special taxes (water, parks, & library). For example, a home valued at $100,000 would have a property tax of approximately $1,050.
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Retail Sales Taxes
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State
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2.9%
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County
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1%
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City
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2.5%
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Transportation
CO Springs Only
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1.0%
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Total
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7.4%
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Motor Fuel Tax
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Federal
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18.4
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State
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22
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Total
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40.4
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State Individual Income Tax
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Flat rate of 4.63% of federal taxable income.
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Vehicle License & Tax
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1 yr old
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2.1% of taxable value
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2 yr old
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1.5% of taxable value
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3 yr old
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1.2% of taxable value
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4 yr old
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0.9% of taxable value
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5+yr old
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0.45% of taxable value
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*Taxable value is original sticker price of your car
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For more detailed information on taxes visit: The Colorado Department of Revenue
or the El Paso County Government.
* Information compiled from Internet and local sources, 2002
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